Thursday, June 30, 2022

Pakistan receives first tranche of $1bn from UAE

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KARACHI: The State Bank of Pakistan (SBP) has received first installment of $1 billion from United Arab Emirates (UAE) to support the country’s financial and monetary policy, ARY News reported on Thursday.

A spokesman of the SBP has said that the bank has received first tranche of one billion US dollars from the package of $3 bn, announced by the UAE after visit of Prime Minister Imran Khan.

On January 22, Pakistan and United Arab Emirates (UAE) had reached agreement on $3bn support Package in Abu Dhabi.

State Bank of Pakistan’s (SBP) Governor Tariq Bajwa and Abu Dhabi Fund for Development’s chairman signed on the agreement in Abu Dhabi. UAE is providing the loan to Pakistan to help enhance liquidity and to support the country’s financial and monetary policy.

Read more: Abu Dhabi Crown Prince heads back; $3bn support to Pakistan confirmed

On January 6, the speculations about a financial package by the UAE, were confirmed during the visit of Crown Prince of Abu Dhabi Sheikh Mohammad Bin Zayed Al Nahyan.

A statement by the Ministry of Information issued shortly afterwards thanked the United Arab Emirates (UAE) crown prince for the generous balance of payment support of US $3bn.

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